Statement on the implementation of reforms to Patented Medicine Prices Review Board regulations
News ReleaseRelease Date: 04/14/2022 Staff Reference: Kevin Dorse
(Toronto, April 14, 2022) – The Canadian Life and Health Insurance Association (CLHIA) welcomes the federal government’s announcement that it will implement reforms to the Patented Medicine Prices Review Board (PMPRB) regulations by July 1, 2022.
Rising drug prices are a challenge for employers who provide workplace benefit plans to their employees. These reforms come at a crucial time and will help ensure that workplace prescription drug benefits remain sustainable for employers and available for Canadian workers.
This important change will mean lower costs for prescription medicines whether they are provided by governments or through workplace plans offered by employers to over 26 million Canadians. It represents good news for all Canadians who are currently paying some of the highest drug prices in the world.
The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business. These insurers provide financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold over $1 trillion in assets in Canada and employ more than 158,000 Canadians. For more information, visit www.clhia.ca.